As far as the NFT market is concerned, the OKX exchange stands out as the undisputed leader in daily trading volume, surpassing prominent competitors like Blur and OpenSea. In the last 24 hours, the NFT trading volume on OKX reached an astonishing $50.33 million, marking a more than substantial difference compared to Blur’s $13.21 million and OpenSea’s $3.25 million, according to DappRadar data.
The driving force behind this unprecedented growth is largely attributed to the increasing demand for NFTs based on Bitcoin Ordinals. OKX stood out by allowing the trading of these specific NFTs, while Blur and OpenSea have yet to decide to follow this trend, resulting in a significant decrease in their trading volume.
OKX’s ascent is closely linked to the overall increase in NFT trading volume on the Bitcoin network. According to CryptoSlam data, the week of December 10 to 17 saw an impressive volume of $305.44 million on the BTC network, compared to $121.28 million the previous week. This growth is a testament to the platform’s leadership and further solidifies its position as the leading NFT exchange platform.
OKX Has a Strong Strategy Around Bitcoin
OKX’s strategic support for BRC-20 tokens and Bitcoin Ordinals was a key factor in its success. Innovative collaborations, such as the partnership with UniSat Wallet to develop a cross-verification process for BRC-20 transaction indexing on the Bitcoin blockchain, positioned OKX as a pioneer in the industry.
It is important to note that, although the growth is undeniable, investment markets, especially in the cryptocurrency realm, are subject to saliency biases. This tendency is more pronounced in the cryptocurrency market due to its relative immaturity, the lack of extensive historical data, and the predominant presence of retail investors influenced by market enthusiasm.
Amid the excitement and buzz surrounding Bitcoin Ordinals, several companies are capitalizing on this trend. An example of this is Tap Protocol, which recently announced a successful fundraising of $4.2 million to develop Bitcoin-based solutions.